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    The Largest CRE Database in the US with Over 1 Million Listings

    1514 87Th St Chicago, IL 60619

    Sponsored
    For Lease
    $12 SF/Yr

    Prime Medical Office Space, 87th Street

    Lot size:
    4,852 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    419
    This exceptional medical office building at 1514 E 87th Street in Chicago, Illinois, offers multiple tenancy options ranging from 1,200 to 3,652 square feet. Built in 2003, the property is ideally situated on a busy stretch of 87th Street, providing excellent visibility and accessibility for patients and staff. The building boasts prominent pylon signage, ensuring high brand recognition. Its strategic location offers convenient access to major transportation arteries, including Interstate 94 and Interstate 90 (Chicago Skyway), enhancing its appeal to both tenants and their clientele. The property is classified as a medical office building, catering specifically to the needs of healthcare professionals. The flexible space is suitable for a variety of medical practices or related businesses seeking a well-established and visible location. The building's modern design and convenient location make it an attractive option for those seeking a thriving practice environment in a high-traffic area of Chicago. The address is 1514 E 87th St, Chicago, IL 60619. The property is zoned for medical and office use. Interested parties are encouraged to inquire about available suite sizes and lease terms. This is a rare opportunity to secure prime medical office space in a highly desirable Chicago location.

    Property Features for 1514 87Th St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    4,852 SF

    Building Details

    Year Built
    2003

    Unit(s) available at that property

    Space
    LL
    Size
    1,200 SF
    Rate per SF
    $18
    Space
    Ground
    Size
    3,652 SF
    Rate per SF
    $12

    Learn more

    Property Insight Report

    HighLights

    • 1514 E 87th St, Chicago, IL 60619 medical office building offering suites from 1,200 to 3,652 square feet.
    • Built in 2003, this property enjoys high visibility on a busy 87th Street corridor with prominent pylon signage.
    • Excellent access to I‑94 and I‑90 (Skyway) provides convenient transportation for patients and staff.
    • Zoned for medical and office use, this building is ideal for various healthcare practices.
    • Prime medical office space in a highly desirable Chicago location.
    Property Profile Location Intelligence

    Current Use by Public Records

    Greystone Construction Services Contractor Steven J Smith ... Family Practice Physician Dr. Rudyard Smith ... Internist Elaine Cabugason MD Internist Rudyard Uriah Smith Internist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.5872726
    Latitude
    41.7370746

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    FAQs

    What type of property is this?
    Medical office - Prime Medical Office Space, 87th Street
    Where is this medical office located?
    The property is located at 1514 87Th St Chicago, IL.
    What is the lease rate?
    The lease rate is $12-$18 SF/Yr.
    What are key features of this property?
    This property features: 1514 E 87th St, Chicago, IL 60619 medical office building offering suites from 1,200 to 3,652 square feet.; Built in 2003, this property enjoys high visibility on a busy 87th Street corridor with prominent pylon signage.; Excellent access to I-94 and I-90 (Skyway) provides convenient transportation for patients and staff.
    Request Owner's contact information
    1514 87Th St Chicago, IL 60619
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    Chicago, IL 60619
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1514 87Th St Chicago, IL 60619
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